Bills and notes drawn out of India.19. The first holder in
[India] of any bill of exchange payable otherwise than on demand, or promissory note drawn or made out of
[India] shall, before he presents the same for acceptance or payment, or endorses, transfers or otherwise negotiates the same in
[India], affix thereto the proper stamp and cancel the same:
Provided that,-
| (a) | - | if, at the time any such bill of exchange or note comes into thehands of any holder thereof in [India], the proper adhesive stamp isaffixed thereto and cancelled in manner prescribed by section 12 andsuch holder has no reason to believe that such stamp was affixed orcancelled otherwise than by the person and at the time required bythis Act, such stamp shall, so far as relates to such holder, be deemed to have been duly affixed and cancelled; |
| (b) | - | nothing contained in this proviso shall relieve any person from any penalty incurred by him for omitting to affix or cancel a stamp. |
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